Coterra Energy Boosts Production Guidance for 2023

Coterra Energy has recently revised its guidance for the production of barrel of oil equivalent, natural gas, and oil for 2023. Additionally, the company has provided an outlook for production in the third quarter. The increase in guidance for oil production in 2023 was initially announced earlier this year alongside their first-quarter results.

Production for 2023

Coterra Energy has raised its full-year guidance for total production volumes to a range of 630 to 655 MBoepd, marking a 2% increase from the midpoint of its previous guidance.

Oil Production for 2023

In terms of oil production, Coterra Energy has increased its full-year guidance to a range of 91.0 to 94.0 MBopd, representing a 3% increase from the midpoint of its previous guidance.

Natural Gas Production for 2023

For natural gas production, Coterra Energy has raised its full-year guidance to a range of 2,750 to 2,900 MMcfpd, signifying a 2% increase from the midpoint of its prior guidance.

Third-Quarter Production Outlook

For the third quarter of the year, Coterra Energy expects total production volumes to be within the range of 625 to 655 MBoepd.

Oil Production in the Third Quarter

In terms of oil production during the third quarter, Coterra Energy forecasts a range of 88.0 to 91.0 MBopd.

Natural Gas Production in the Third Quarter

Regarding natural gas production in the third quarter, Coterra Energy estimates a range of 2,775 to 2,875 MMcfpd.

Current Production Activities

Currently, Coterra Energy is running six rigs and three completion crews in the Permian Basin. In addition, they have one rig and one completion crew in the Anadarko Basin, along with two rigs and one completion crew in the Marcellus.